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Bruker's Q1 Revenues Up 21 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Bruker today reported first-quarter 2010 revenue growth of 21 percent, with strong sales from both its Bruker Scientific Instruments (BSI) segment and Bruker Energy & Supercon Technologies (BEST) segment.

The Billerica, Mass.-based firm generated total revenues of $277.7 million for the three months ended March 31, compared to $230.5 million for the first quarter of 2009. Its products revenues were $244 million versus $202.2 million for Q1 2009, while its service revenues were $31.5 million versus $26.9 million. Its "other" revenues were $2.2 million compared to $1.4 million for Q1 2009.

Bruker said that excluding the effects of foreign currency, its Q1 revenues rose around 12 percent.

By segment, BSI brought in $260.3 million compared to $223.6 million for the prior year's first quarter, while BEST's revenues more than doubled to $20.7 million from $8.1 million.

Bruker beat analysts' consensus estimate for revenues of $256.8 million.

"All four operating divisions in our BSI segment delivered double-digit growth year-over-year, and our BEST segment had triple-digit growth for the second quarter in a row," Bruker President and CEO Frank Laukien, said in a statement. "The industrial and applied markets continued to improve gradually during the first quarter, and overall we recorded healthy new order bookings, including more than $10 million in additional US stimulus orders, all of which contributed to strong backlog at the end of the first quarter."

The firm's profit for the quarter nearly doubled to $16.1 million, or $.10 per share, from $8.4 million, or $.05 per share. It beat Wall Street's expectations of $.08.

Its R&D expenses increased 13 percent to $32.8 million from $29.1 million, while its SG&A spending increased 12 percent to $66.1 million from $58.9 million.

Bruker finished the quarter with $206.6 million in cash, cash equivalents, and restricted cash.

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